Introduced by Rep. John Stakoe (R) on April 5, 2007, to phase in over three years the Proposal A property tax assessment "pop up" when a particular property is sold. The “pop-up” is a provision of the 1994 Proposal A property tax assessment cap in which the state equalized value (market value) of newly-sold property becomes the basis for its property tax assessment, rather than the capped “taxable value” of the previous owner. The taxable value is lower as long as the market value of the property has increased since the last ownership transfer. The bill would impose one-third of the assessment hike each year for three years. See also House Joint Resolution J, which would change the Constitution to allow this.
Referred to the House Tax Policy Committee on April 5, 2007.
